Despite government’s huge expenditure in the last four years Ghanaians continue to experience harsh economic conditions, according to the opposition New Patriotic Party (NPP).
In a statement issued in Accra on Thursday, the party said it could not fathom why lots of the citizenry continue to wallow in abject poverty, after government contracted the biggest loan in the country’s history.
Ghana’s debt stock, the statement disclosed, rose from $8 billion to $18 billion in the last four years.
Below is the NPP’s full statement:
Bitter and Deplorable Ghana Despite Huge Expenditure
The last four years of the National Democratic Congress administration have been very disappointing to Ghanaians.
In the last four years, the NDC government contracted the biggest loans in the history of this country. The debt stock rose from $8 billion to $18 billion, which is an increase of about $10billion in just four years.
In addition, the NDC government has been the only government to benefit from the much sought after oil economy. In the last two years alone, the government has benefitted from $1.5 billion of oil revenue. In addition, the NDC government, last year, alone overspent the budget by GH¢8.7 billion (over $4 billion) or 87 trillion old cedis. This is not the budget. The budget that was approved for 2012 in February was spent. A supplementary budget was approved by parliament in the middle of the year and that too was spent. The GH¢8.7 billion was the extra amount spent in excess of the total 2012 budget.
The big question is, after all of these huge loans, oil revenues, and profligate speeding, what do Ghanaians have to show for? Rationing of electricity,, (i.e. dumsor dumsor), rampant and perennial gas shortages, rationing of water, acute unemployment, harsh cost of living, and poor state of public services, amongst other have been the lot of Ghanaians over the last several months. On top of all that, we still have GH¢5.4 billion arrears still owed to SSNIT,NHIA, COCOOD, GETFund, DACF, contractors, etc.
The government says it had to spend a lot because of single spine. But the same government used Single Spine as a vote winning boast, broadcasting how it had done very well in enhancing the salary structure. Today, the same government is saying its woes are due to single spine.
The government boasts of a growth rate of about 7.5% for 2012. It is shameful that oil rich Ghana under the NDC is growing slower than the 8.4% growth rate a non oil economy under the NPP achieved in 2008.
Neither the President’s state of neither the nation address nor the Finance minister’s budget statement offered any concrete, credible solution to these dire difficulties Ghanaians have been going through.
The NDC administration, after four years, has handed over to itself an economy that in the words of President Mama is down to the bone” and a nation that is in extreme distress.
Source: Nana Akomea/ NPP Communications Director
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